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Austrian watchdog fines RBI for violating due diligence requirements

The Austrian Financial Market Authority (FMA) has penalised Raiffeisen Bank International (RBI) for a breach of due diligence requirements to prevent money laundering activities and terrorism financing.

The Austrian banking group was fined €2.75m due to inadequate verification of beneficial owners, failure to update necessary documents and for not procuring enough information about the ownership and control structures with regard to high-risk customers.

RBI was under investigation by the Austrian regulator since 2016 following its mention in the Panama papers, Reuters reported.

Following the announcement, Austrian news agency APA quoted an RBI spokeswoman as saying that the bank would appeal against the decision, which is not final.